12 March 2018

Sudan: Meeting On Exchange Rate Control Approves Investment in Uranium

Khartoum — The regular meeting of the Exchange Rate Control Committee , which is chaired by President of the Republic Feld Marshal Omer Al-Bashir , approved in the Republican Palace Monday opening of investment in field of uranium after consultation with the concerned security bodies.

The meeting reaffirmed amendment of a number of laws including Acts of Commerce, foreign currency , and Mineral resources to incriminate smuggling and stockpiling the precious minerals , exporting by prices less the international markets prices and delaying the exports revenues.

Minister of Trade, Hatem Al-Sir said the meeting reaffirmed amendment of a number of laws to incriminate delay in funding exports revenues to Central Bank of Sudan and that cheating in certificate of origin be a crime by law and punished the offender by the harshest penalty.

He added the meeting got assured of stability of export policies and gave directives for coordination in connection with putting stringent procedures and measures for combating operations of smuggling foreign currencies, gold, and Sudanese commodities.

The Minister indicated that the meeting recommended rewarding organs operating in fighting operations of smuggling of minerals and hard currencies.

Minister of Minerals, Professor, Hashim Ali Salim, for his part, unveiled that the Central Bank of Sudan has purchased 75% of the produced golds , pointing out that he presented a briefing about the new regulation on precious stones worked out by the Ministry.

Governor of Central Bank of Sudan, Hazim Abdul-Gadir , said the meeting reaffirmed amendment of the Foreign Currency Act to impose tougher penalties against smugglers of golds and currencies.

He pointed out that banks were directed to fund real estates for expatriates to attract more hard currencies and stabilize the exchange rate.

The Central Bank Governor said the meeting listened to a report about exchange rate control follow up mechanism and level of local and foreign liquidities , saying focus would be in the coming period on provision of local liquidities through commercial banks and ATMs.


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